My husband and I want to give our daughter an allowance of $1,000 a week. Is this too much money? Why or why not?

 Providing your little girl with a remittance of $1,000 seven days is very significant, particularly for a kid. We should consider a few rules and factors to assist you with concluding whether this sum is fitting:

Age-Suitable Recompense:

Most specialists suggest a recompense in view of the youngster's age. A typical guideline is to give your kid $1 each week for every extended period of their age12. For instance:

A 7-year-old would get $7 each week.

A 16-year-old would get $16 each week.

In light of this rule, $1,000 seven days would be altogether higher than age-proper remittances.

Monetary Education and Obligation:

A recompense fills in as a significant device to show youngsters cash the board, planning, saving, and monetary obligation.

Consider whether your girl is prepared for a huge remittance. Could she at any point deal with the obligation of dealing with this sum successfully?

Family Funds and Objectives:

Survey what is happening. Is giving a particularly significant stipend possible without compromising other monetary objectives?

Consider whether this recompense lines up with your generally speaking monetary qualities and objectives.

Reason for the Stipend:

Explain the reason for the stipend. Is it absolutely burning through cash, or do you mean to show explicit monetary abilities?

If you have any desire to educate planning, saving, and mindful spending, you should seriously mull over a more modest remittance at first.

Different Elements:

Consider whether your girl will have extra pay sources (e.g., gifts, seasonal positions).

Contemplate how she will utilize the cash. Will she save, spend, or contribute it?

Normal Stipend Information:

As per information from 2023, the normal week after week remittance for youngsters and teenagers went from $6.04 (for 5-year-olds) to $23.69 (for 17-year-olds)1.

Your proposed stipend of $1,000 seven days is altogether higher than these midpoints.

In outline, while it's fundamental to consider your family's remarkable conditions, a recompense of $1,000 seven days is logical unnecessary for a youngster. You should begin with a more modest sum and progressively increment it as she becomes older and exhibits dependable cash the board abilities. Recollect that monetary schooling and open correspondence about cash are essential for her drawn out monetary prosperity. 😊